Riyadh, Kingdom of Saudi Arabia
October 19, 2023
“We continue to reaffirm our readiness for deeper economic partnerships not just within the Southeast Asian region, but as well as with our extended neighbors in the Gulf,” President Ferdinand R. Marcos Jr. asserted, highlighting the Philippines’ endless potentials as an investment and economic hub before the top leaders of Saudi Arabia’s business community.
In his roundtable dialogue with Saudi’s investors, the President saw the meeting as an opportune time for foreign businesses to get to know the Philippine economy, as it continues to achieve high growth trajectory with a recorded gross domestic product at 7.6% in 2022 — the fastest growth rate of the country since 1976. He also conveyed that the Foreign Direct Investments (FDI) in the country posted US$9.2 billion in net last year.
President Marcos Jr. added that the Philippines already has existing laws and legislative amendments in place that will further open the economy to foreign investments, making the country a conducive place for business. Among these is the recently launched Maharlika Investment Fund, which is designed to drive long-term economic development through increased investments in high-impact sectors.
The Chief Executive made clear that the organization of the Maharlika Fund is proceeding at pace and it is projected to be operationalized before the end of the year, stating further that the government is looking forward to benefitting not just from Saudi investments, but from the Kingdom’s extensive experience in managing such funds.
During the event, he also witnessed the exchange of business-to-business Memorandum of Understanding (MOU) between the Philippines’ EEI Corporation and Samsung Engineering NEW Co. Ltd., anchored in advancing economic growth between the Philippines and Saudi Arabia.
To this end, he urged the Saudi government to explore more areas of cooperation with the country, including healthcare, telecommunications, energy and security.
“To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnership between the Philippines and the Kingdom of Saudi Arabia,” he conveyed.
“I assure you that the Philippine government is steadfast in its commitment to continuously support current and prospective Saudi investors,” President Marcos Jr. ended in his message.
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